FX.co ★ IGM Biosciences Halts Development Of Imvotamab, IGM-2644; To Lay Off 73% Of Workforce

IGM Biosciences, Inc. (IGMS) has announced a strategic pivot, deciding to cease further development of its imvotamab and IGM-2644 programs. These programs involved IgM-based bispecific antibody T cell engagers targeting CD20 x CD3 and CD38 x CD3, respectively, aimed at treating autoimmune diseases. Dr. Mary Beth Harler, the Chief Executive Officer of IGM Biosciences, explained that the interim results from Phase 1b studies in rheumatoid arthritis and systemic lupus erythematosus indicated that the extent and reliability of B cell depletion did not meet the company’s rigorous criteria for success.

Dr. Harler expressed gratitude towards the patients and researchers involved in the imvotamab trials, as well as the company’s employees dedicated to improving the lives of those with autoimmune conditions. In conjunction with halting the imvotamab initiative, the IGM-2644 program is also being discontinued based on strategic reevaluation.

The firm is currently exploring internal and potential strategic alternatives to enhance shareholder value moving forward. Additionally, in an effort to conserve financial resources, IGM Biosciences is implementing a significant workforce reduction of approximately 73%. As of December 31, 2024, the company reported approximately $183.8 million in cash and investments (unaudited).